India refuses to trade in ‘Petro’

The Minister of External Affairs, India, Sushma Swaraj yesterday said in a conference that the nation’s central bank, RBI, has disapproved the use of the Venezuela-backed cryptocurrency, Petro. Venezuela is offering as much as 30% discount on oil purchase carried out in Petro. The economy of Venezuela is facing major crisis amidst sanctions from US, and its government is looking towards the cryptocurrency as a way-around the imposed sanctions.